PSEi down amid interest rate vigil

Anxious investors who are awaiting the Bangko Sentral ng Pilipinas’ (BSP) latest policy rate stance weighed down the market on Monday, with traders pocketing gains after last week’s climb.

The benchmark Philippine Stock Exchange Index (PSEi) shed 0.52 percent, or 34.44 points, to close at 6,613.36. Meanwhile, the broader All Shares Index declined by 0.27 percent, or 9.7 points, to 3,598.54.

“Investors are seen to be pricing in the possibility that the BSP will still hold policy rates unchanged in light of the recent inflation, labor market and GDP figures,” said Japhet Tantiangco, research manager at Philstocks Financial Inc. The BSP’s current policy rate stands at 6.5 percent.